Genmab (GMAB) Q2 2026 earnings summary

Executive summary

• Total revenue grew 25% year-over-year to $2,051 million in H1 2026, driven by strong proprietary portfolio sales, higher royalties from DARZALEX and Kesimpta, and significant adoption of EPKINLY and TIVDAK.

• Adjusted operating profit rose 18% year-over-year to $656 million, with continued investments in late-stage programs, launch readiness, and Merus integration.

• Positive Phase III results for EPCORE DLBCL-2 and European approval of EPKINLY plus lenalidomide and rituximab in follicular lymphoma.

• Multiple late-stage pipeline assets, including EPKINLY, Petosemtamab, and Rina-S, are advancing with several Phase III readouts expected by Q1 2027.

• Acquisition and integration of Merus in December 2025 added petosemtamab to the pipeline and resulted in significant financing activities.

Financial highlights

• H1 2026 total revenue reached $2,051 million, up from $1,640 million in H1 2025.

• Proprietary portfolio sales reached DKK 396 million ($396 million), up 37% year-over-year.

• EPKINLY sales grew 48% year-over-year to $312 million, with 28% quarterly growth.

• TIVDAK sales totaled $84 million, up 8% year-over-year, with growth in the U.S., Japan, and Europe.

• Adjusted operating profit for H1 2026 was $656 million, compared to $554 million in H1 2025.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $4.33–4.53 billion (DKK 4.3–4.5 billion), representing 19% year-over-year growth at midpoint.

• Adjusted operating profit guidance increased to $1.07–1.39 billion, 7% above prior guidance.

• Adjusted operating expenses expected at $2.81–2.95 billion, up from prior guidance.

• Effective tax rate expected to normalize over 12–18 months; first half rate was 3.6%.

• Guidance assumes no significant new agreements and is subject to risks including milestone achievements, development timing, inflation, and FX rates.